For many small business owners it seems pretty boring entering data into a computerised accounting software program, as well as being totally unproductive. And the more bookkeeping that you do for your business, it seems the more there is still left to do.

After a hard day or week at work, the last thing you want to do is go home and sit infront of a computer and enter bookkeeping data

When the economy is in such a state and money is so tight, there’s even more reason to make sure that your bookkeeping is upto date.

You may use MYOB accounting software, or Quickbooks, or some of the other more popular bookkeeping software packages. However, unfortunately having a bookkeeping software package doesn’t turn you into a bookkeeper.

What’s worse is that you can make a simple mistake in the data entry that can throw your figures out totally, and you could end up paying the Australian Taxation Office (ATO) more than you need to be doing.

When’s the last time you had someone have a real good look at your accounts? We’re not talking about your accountant, who just looks at the bottom line figures – we’re talking about really looking through your chart of accounts and identifying errors in allocations that can end up giving you false reports.

With unleaded fuel being sold for 1.329 / litre in Beenleigh, it was disgusting to see the BP price of $1.49 taking advantage of interstate or out-of-town motorists who would not be aware of substantially cheaper fuel at servos not far from the motorway

When talking to one of our bookkeeping clients, we were astonished to learn that they didn’t even think about what day to fill up, or what price they should be paying – they would fill up simply when their tank was running dry!

Our motor mechanic has always promoted that we keep the tank at a minimum of half full to ensure better performance from the vehicle

As a bookkeeper, we consider the cost difference between $1.33 and $1.49 – thats over 11% – filling your tank at a cost of say $100 per week makes a difference of around $500 per year

Now, as the month of March comes along, we find that people are starting to panic about having any available funds to be able to pay their March Quarter Q3 BAS due 28 April 2011

This year Easter falls on the weekend just before ANZAC Day, so we’ll be pushing to get our clients BAS in order before the Easter School holidays

With the wonderful Federal Government always scheming ways to help us spend our money it’s a wonder why any small business bothers to keep going

For many business owners that have been struggling with staying ontop of your bookkeeping, it’s time to hand it over to a professional mobile bookkeeping team such as our Ormeau Bookkeeping service

Contact our Ormeau bookkeeping service for help with your bookkeeping, whether you use Quickbooks, MYOB or other accounting software. We service clients in and around Ormeau, Beenleigh, Yatala, Eagleby, Coomera and Pimpama

Businesses in flood affected areas

Businesses in flood affected areas have automatically been granted an extension of time, depending on your suburb postcode Contact our Ormeau bookkeeping service for more details

They engage mobile bookkeepers just as they hire other contractors to perfom various services in which they have neither the time nor the inclination to carry out themselves

In Beenleigh you’ll find a range of bookkeeping services with bookkepers of varying expertise.

Finding the right bookkeeper
Finding the most suitable bookkeeping service for your Beenleigh business can be quite a challenge. Recent changes in legislation require bookkeepers that lodge BAS statements to have a CERT IV and becoe a registered BAS agent

Just as having a driving licence does not necessarily mean that you are experienced to race in the Bathurst 1000, so to a “piece of paper” doesn’t make someone a bookkeeper

You’ll find that many experienced bookkeepers had no formal qualifications. THey’ve been through the School of Hard Knocks, and have far more experience “in the trenches” than a freshly qualified bookkeeper straight out of TAFE or university

Rather than focusing on their hourly rate, or how many certificates they’ve accumulated, you should ask them how much experience they’ve had as a freelance bookkeeper

This is very different from years of working in the accounts department of a large company, or doing the bookkeeping for their spouse in the family business.

Ask your potential bookkeeper for references from any accountants that they have worked for / with. You’ll find that bookkeepers will deal with a number of accountants, as each client tends to have their own accountant. Contact Us for more information

Whilst the physical clean up has started in many suburbs and country towns, there’s a huge trail of destruction that’s still to be addressed

It’s been a very challenging time for so many people – and we’ve really only just seen the start of the clean-up. Who knows what the cost is going to be to small business owners – not only those caught directly by the floods – but to Queensland small business owners all over

Many Yatala and Beenleigh businesses rely on suppliers and customers in Brisbane, Ipswich Toowomba and beyond.

It’s going to be very challenging over the next few months and maybe even years.

Small businesses have already been struggling under Queen Anna’s rule, and whilst she may have done an excellent job as a war-time “wartime consigliere” during the two weeks over the New Year period – she’s left a trail of destruction in the State of Queensland

When the going gets tough, those businesses that have their bookkeeping in order will have a better chance of survival than those that do not.

Contact us TODAY for help with your bookkeeping

Keep Good Records

There’s a legal requirement to keep good bookkeeping records. By law, you must keep business records for five years after they are prepared, obtained or the transactions completed, whichever occurs latest

There are penalties for not maintaining the required records and for not keeping them for five years. Keeping good records will help you avoid these penalties.

Cash Flow Management

Cashflow is the life blood of your business. Cut off the supply of cash, and your business will soon die.

Make this week the week that you prepare a Cash Flow Budget by following these four simple steps
Step 1: Prepare a sales forecast
Using figures from previous years, or guestimating figures (for new businesses)

Step 2: Cash In
Estimate cash coming into the business from customers, loan monies, assets sold off or money you put into the business.

Step 3: Cash Out
Guestimate money that you’ll need to pay to suppliers, wages, loan repayments, money for assets you expect to buy, money you take for your own use (drawings), and any loans you may provide to others.

Put aside between 20 – 30% for tax payments GST etc and amounts you’ve withheld from employees’ wages, and fringe benefits tax.

Step 4: Profit / Loss at end
Calculate the difference of Cash on hand at start of period
PLUS Estimated cash INflows LESS Estimated cash OUTflows = Estimated ending cash balance

Get organised and stay organised

We can have the very best intentions – and when you look at the huge mountain of paperwork yiu can soon feel overwhelmed

“How do you eat an elephant?”

Answer: One mouthfull at a time!

Get on top and STAY on top of your record keeping, or contact a professional mobile bookkeeping service to do it for you

- We LOVE bookwork!!!
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Our Ormeau bookkeeping service clients understand the added expense in wages through operating over the Christmas Holiday period as a result of the Holidays Amendment Bill 2010.

It’s like all your Christmases have come at once!

When is Christmas a holiday in Queensland?
In 1983, the Holidays Act legislated that 25 December (Christmas Day) and 1 January (New Years Day) are listed as public holidays.

When those days fall on a weekend, then the Act also provides for the substitution of other days as public holidays.

This year, with Christmas Day being on a Saturday, without an amendment of the Act that would not be a public holiday because Tuesday 28 December was appointed as a substitute public holiday (as notified in the Government
Gazette of 28 August 2009).

That being said, New Years Day 2011 also falls on a Saturday, and in accordance with past precedent a
substitute public holiday would normally be appointed on the following Monday 3 January in such circumstances.

When a day is appointed as a public holiday, workers are entitled to be absent from their employment on the day and still be paid their base rate of pay for their ordinary hours of work. If a worker agrees to an employer’s
reasonable request that they work on a public holiday they must be paid any penalty rates prescribed in the relevant award or agreement (usually, double time and a half).

This means that if an employee works from 25 – 28 December, they’ll receive 10 days pay for working four days. It’s like all their Christmases have come at once!

Yatala enterprise area is located next to the Brisbane – Gold Coast Corridor, the M1 giving easy access to local and regional markets.

Rents can be cheaper, attracting businesses moving operations to the area from Brisbane or Gold Coast-based.

According to the Gold Coast City Council around 8000 workers are already based in the Yatala enterprise area with employment expected to increase to upto around 16,000.

Stockland national trading manager Troy Bryant says “Besides its location in the heart of Australia’s fastest growing region, Yatala also offers competitive land prices, modern infrastructure, and a ready supply of labour and business support from all three levels of government.”

As a business owner in the Yatala Enterprise Area, rather than struggle with your bookkeeping, contact our team of Ormeau mobile bookkeepers to get your bookwork in order

The real question is: “Are late fees legal?” Just because companies have been charging, and continue to charge late fees, most people accept that they have to be paid.

We always challenge companies that charge late fees – have you ever tried?

Often the response is something along the lines of “OK, We’ll refund your late fee just on this occasion, but don’t do it again”

Are they just being sympathetic? Not necessarily. Common Law states that late fees cannot be punitive. There is no legal precedent to justify penalizing a person for being late on a payment.

Unless it’s written in your contract, you don’t have to pay late fees. There may be a
‘liquidated damages’ term, which requires one party to a contract to pay the other ‘innocent’ party a sum of money upon a default or break of the contract is enforceable only if it provides for payment of a sum of money that is a genuine pre-estimate of the loss or damage suffered by the innocent party.

This is not the same as a ‘penalty’ term, which seeks to not compensate the innocent party but to penalise the other party for the break or default.

“Penalty terms are unenforceable at law.”

There’s a large class action being put together challenging the Banks, and if you do challenge the bank on any late fees, you’ll find that they’ll refund them

This is just another way that our Ormeau bookkeeping service strives to save our clients money